hi/It at an Francisco, advising that Hr. F. T. Canister, vino has been

A meeting of the Federal Reserve Board was held in the office

the Board on Thursday, 1Tovember 3, 1921, at 11 a.m.

PRES ErT : Cro ver nor HardingPlattHaml in

. HillerEr. Cris singer7.7r. Hoxton, secretary.

L7inutes of the meeting of the Board held 7ovember 2d were readaria O n mption approved.

c'he Governor reported. the reserve positions of the several -1;`ed-

etal reserve banks as at clo of business -Irovember 1st, and the status

of l'ecliscounts between the Federal reserve banks as of tliB same date.

Telegram dated 7:ovember 2d, from the Chairman of the Federal

se,Bank of .itlanta, advising that the Board of Directors of that

132-1k had, subject to the review and. determination of the Federal Reserve

13c)*Iscl, establiShed a minimum rate of e;',! for open mark,et purc?ases of

Seri bankers' acceptances.

Approved.

Governor Harding stet ed that in view of the reduction in d_i s-001alit

rates at the Federal reserve banks, he would request the Board to

clizider a reduction from 66.1: to in the Inter-Bank discount rate.

Upon mot ion, it was so ordered.

Letter dated Fovember 20th, from the Assistant Federal Reserve

ttteseiiting the Federal Reserve Agent in the Credit Department of that

has resiclied to accent another position, and that his successor

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11111 b e appointed at a later date.

No ted.

Telegram dated November 3d, from the Chairman of the Federal

Ileserve Bank of Dallas, advising that the Board of Directors of tlat

—had, subject to the review and determination of the Federal Reserve

reduced the 'discount rate at that Bank for all paper of all

rilaturitie s from 6% to 5?...5%.

App zo ved.

Governor Harding stated that he had received advice thct the

of Directors of the Federal Reserve Bank of Boston would, probably

cialr, reduce the discount rate at that Bark from 5 to 4?-7-%.

Upon motion, Governor Harding was authorized, uponreceipt of official info rrra t on that the contemplatedaction has been taken by the Federal Reserve Bank of

Boston, to wire said Bank the approval of the Federal

Reserve Board. Upon the question of the approval of the

proposed Boston rate. T.:r. Platt voted "no".

Draft of letter dated November 3d, from Governor Harding to Sen-

ato1.7cLean; Chairman of the Senate Committee on :Banking and Currency,

tb a letter of October 31st, from Senator McLean, enclosing

411/e•te Bills Nos. 2640 and 2641, and requesting an expression of the

ton,„,— s-t's opinion thereon.

After discussion and the adoption of some amendment,the letter was unanimously approved.

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Letter dated liovember 1st, from the Director of the Division of

141Ysisosearch, reouestino. the i,oard's ap proval of the appointment

s I:arp,aret --'1iske on a probational basis of 60 days, to fill the

Pcisition left vacant by the withdrav.,a1 of :;r. James Dubnau.

Ai)pro ved.

77ith reference to the application for membership in the :.?ederal

'lese'rve 'oystem of the Liunsey (2rust Company oi: Washington,. D. C., thich was

eqiclered circulated by action of the Board on 7Tovember 1st, Governor

sur,;ested that this application be referred tt, the Corfptrolier oftlie

'dtirrency, wi th the request that that office make a digest of the an-

-".lon and to furnish the Fedeml Reserve Board with an oninion there-

Upon motion, it was so ordered, and the Secretarydelivered the papers in the case to Lir. C,rissinger.

bo,0 21 CCITITTEE M. 1:

b.)v.-0x•,)ovember 2, 1921, _Recommending chances in stock at 2ederal Reserve

Banks, Ls set forth in the Auxiliary minute bookas of this date.

Approved.

At 12:40 p.m. the meeting adjourned.

Secretary.

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